Don’t treat this news as an ordinary personnel change.

This is a final ultimatum from the global capital markets to the decision-makers: “If that person takes the chairman’s seat, the pricing systems of US Treasuries, the US dollar, the stock market, and BTC will all have to be rebuilt from scratch.”

Why is Wall Street’s reaction so intense?

Because Hassett is not an ordinary economist—he was the flag bearer of the “growth above all” approach during the Trump era, a fervent believer in ultra-low interest rates.

What does it mean if he really takes the helm at the Fed?

In a word: The Fed’s role would shift from “inflation manager” to “growth accelerator.”

This would be far more damaging to the markets than most people expect.

Let me break it down for you:

**Why is the market panicking?**

Because he has three fatal characteristics:

**(1) He’s not just dovish, he’s an extremist among doves**

Hassett’s core stance has always been clear:
- Interest rates must be cut quickly
- There should be no hesitation in the scale of rate cuts
- The cycle should be short and sharp
- Even near-zero rates are acceptable

His underlying logic is: “Economic growth takes absolute priority over inflation risks.”

For financial markets, this means: the creditworthiness of the US dollar could be destroyed by him.

**(2) Policy independence will be hijacked by politics**

What the market fears most is this: “He would aggressively adjust rates to please the president’s wishes.”

What does this mean?

The Fed is supposed to be an independent economic regulator. But if it’s led by a chairman who is completely obedient to the president, it will become a political tool.

This is a red line the market absolutely cannot accept.

**(3) The crypto market faces repricing**

Once monetary policy shifts from a “stability anchor” to a “growth lever,” the valuation logic for BTC and other crypto assets will be completely rewritten. In an extremely loose liquidity environment, risk assets will party at first, but the domino effect of a collapsed dollar credit system will follow.

This isn’t a simple positive or negative—it's a complete overhaul of the rules of the game.